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Bank of America plans Mitts linked to dollar/yen exchange rate
By Angela McDaniels
Tacoma, Wash., Jan. 28 - Bank of America Corp. plans to price three-and-a-half-year 0% Currency Market Index Target-Term Securities linked to the dollar/Japanese yen exchange rate, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 100% to 125% of any increase in the exchange rate, with the exact participation rate to be set at pricing. Investors will receive at least par.
The exchange rate will increase if the yen depreciates relative to the dollar. Therefore, investors will only receive a positive return if the dollar appreciates relative to the yen.
The notes are expected to price in February or March, and the maturity date will fall in August or September of 2012.
Merrill Lynch & Co., First Republic Securities Co., LLC and Banc of America Investment Services, Inc. are the agents.
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